Fermented beverage production from whey is an attractive possibility as whey is a rich source of water and nutrients, beneficial for microbial growth. However, rapid microbial spoilage, scaling of processing equipment, flavour defects and instability of the final product make the production process challenging. Therefore, this study reviews the fundamentals of fermented whey beverage production, while giving specific emphasis to fermentation strategies and process modifications (e.g. membrane separation, additive incorporation and nonthermal pasteurisation) that enhance product quality and shelf life. The review also discusses the nutritional potential of the beverage, imparted by probiotic bacteria, macro and micronutrients and their derivatives.